LIFE Insurer Metropolitan Insurance aims to increase its financial advisers interacting with the public by at least 500 over the next year to 4 000 to strengthen awareness of the need for wealth creation used to mostly taking funeral cover.
Making a presentation this week to kick off public education on the importance of public investment for wealth creation, Head Client and Business Solutions Abulela Gazi told Business Report that the normal investment model in communities was to have several funeral covers which paid out in the event of death, with the funds vested in funeral arrangements whereas there were cheaper and long-lasting options in life cover.
“In a world of uncertainty and now that Covid-19 is a reality, our response is to start empowering communities to make sound financial decisions resources that will protect clients over the long term and help the bereaved have something to fall back on way after the breadwinner is gone,” Gazi said.
Gazi said people primarily took on several funeral cover policies at a greater cost than if they had consolidated them into life cover for better value and savings at the end of the month.
“People in South Africa are not at the level they should be, there are a lot of unknowns, we are encouraging consumers to engage with financial advisers to help them think through some of these matters,” Gazi said.
PERSONAL FINANCE